Acadia Realty Trust (AKR) Rating Increased to Buy at Zacks Investment Research
Acadia Realty Trust (NYSE:AKR) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a report released on Monday. The brokerage currently has a $39.00 target price on the real estate investment trust’s stock. Zacks Investment Research’s price objective would indicate a potential upside of 12.26% from the stock’s previous close.
According to Zacks, “Acadia Realty Trust is a fully integrated, self-managed and self-administered equity REIT focused primarily on the ownership, acquisition, redevelopment and management of neighborhood and community shopping centers. “
Several other brokerages also recently weighed in on AKR. BTIG Research started coverage on Acadia Realty Trust in a research report on Thursday, August 25th. They set a “neutral” rating for the company. Citigroup Inc. upped their price objective on Acadia Realty Trust from $40.50 to $41.50 and gave the stock a “buy” rating in a research report on Friday, August 12th. BMO Capital Markets restated a “buy” rating and set a $40.00 price objective on shares of Acadia Realty Trust in a research report on Wednesday, July 27th. Finally, Boenning Scattergood restated an “outperform” rating and set a $38.00 price objective on shares of Acadia Realty Trust in a research report on Tuesday, June 28th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $39.70.
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Acadia Realty Trust (NYSE:AKR) traded up 0.40% during trading on Monday, hitting $34.74. The stock had a trading volume of 169,955 shares. The company has a 50-day moving average of $35.93 and a 200 day moving average of $35.31. The company has a market cap of $2.63 billion, a price-to-earnings ratio of 35.93 and a beta of 0.67. Acadia Realty Trust has a 52 week low of $30.25 and a 52 week high of $38.01.
Acadia Realty Trust (NYSE:AKR) last released its earnings results on Tuesday, July 26th. The real estate investment trust reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by $0.01. The company had revenue of $51.30 million for the quarter, compared to analyst estimates of $40.51 million. Acadia Realty Trust had a return on equity of 4.32% and a net margin of 32.18%. The business’s revenue for the quarter was down 9.9% compared to the same quarter last year. During the same period last year, the company posted $0.48 earnings per share. On average, equities research analysts anticipate that Acadia Realty Trust will post $1.57 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were given a $0.25 dividend. The ex-dividend date was Wednesday, September 28th. This represents a $1.00 annualized dividend and a yield of 2.88%. Acadia Realty Trust’s dividend payout ratio is presently 103.09%.
In other Acadia Realty Trust news, insider Joel L. Braun sold 22,000 shares of the stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $37.60, for a total value of $827,200.00. Following the completion of the transaction, the insider now directly owns 24,109 shares in the company, valued at $906,498.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lee S. Wielansky sold 12,000 shares of the stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $37.03, for a total value of $444,360.00. The disclosure for this sale can be found here. 2.22% of the stock is owned by company insiders.
Several large investors have recently modified their holdings of AKR. State Street Corp boosted its stake in shares of Acadia Realty Trust by 4.1% in the first quarter. State Street Corp now owns 2,296,308 shares of the real estate investment trust’s stock valued at $80,675,000 after buying an additional 89,859 shares during the last quarter. Nationwide Fund Advisors boosted its stake in shares of Acadia Realty Trust by 0.9% in the fourth quarter. Nationwide Fund Advisors now owns 59,749 shares of the real estate investment trust’s stock valued at $1,981,000 after buying an additional 522 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Acadia Realty Trust by 8.1% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 455,600 shares of the real estate investment trust’s stock valued at $15,104,000 after buying an additional 34,130 shares during the last quarter. Shinko Asset Management Co. Ltd. boosted its stake in shares of Acadia Realty Trust by 17.9% in the second quarter. Shinko Asset Management Co. Ltd. now owns 1,101,776 shares of the real estate investment trust’s stock valued at $39,135,000 after buying an additional 167,617 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of Acadia Realty Trust by 4.6% in the fourth quarter. Rhumbline Advisers now owns 122,016 shares of the real estate investment trust’s stock valued at $4,045,000 after buying an additional 5,365 shares during the last quarter. 99.04% of the stock is owned by institutional investors.
About Acadia Realty Trust
Acadia Realty Trust is a real estate investment trust. The Company is focused on the ownership, acquisition, redevelopment and management of retail properties located primarily in metropolitan areas in the United States. The Company’s segments include Core Portfolio, Funds and Structured Financing. The Company conducts its operations through Acadia Realty Limited Partnership.
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